New Delhi, May 16 -- India's sugar industry isn't just massive, it's a powerhouse. As the world's largest consumer and the second-largest producer of sugar, India has always had a sweet spot on the global stage.

What's interesting is how the sector is evolving. Historically cyclical, the industry is undergoing a structural change owing to aggressive government initiatives and increasing demand for ethanol.

The government's ethanol blending programme, aimed at reducing crude oil imports and carbon emissions, has emerged as a game-changer, encouraging sugar mills to divert excess sugarcane towards ethanol production.

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With several companies expanding capacity...